Shenzhen to help more expats obtain permanent residence permit
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China has issued a plan on implementing pilot reforms in Shenzhen to build the city into a demonstration area of socialism with Chinese characteristics in the next five years.
The
city, granted with greater autonomy in the reform of important areas
and key links, will advance higher-level reform and opening-up towards
higher goals, according to the plan set for the 2020-2025 period.
To further optimize business environment, the plan said that the special economic zone will draw up a list of special measures to relax restrictions on sectors including energy, telecommunication, public service, transport and education based on the nationwide negative list.
Greater efforts will be made to further loosen limits on foreign investment in cutting-edge technologies, and improve the system of fair competition, the document said.
The city will pilot the legal protection of new intellectual property rights (IPR), establish a compensation system for IPR infringements, and explore legislation in emerging areas.
Shenzhen
will also help foreign talent obtain Chinese permanent residence
permits and attend professional qualification examinations.
Opening-up in the finance and shipping industries will be strengthened, with more efforts to advance the renminbi internationalization and improve the foreign exchange management system.
Foreign institutions will be encouraged to set up securities and fund management companies in the city, the document said.
According
to a longer-term plan released last year, Shenzhen will strive to
become a national model of high-quality development, as well as a hub of
innovation, entrepreneurship and creativity with international
influence by 2035.
Guangdong expects greater reforms
As the world's businesses suspend or slow operations in the face of the
global pandemic and growing political uncertainty, South China's
Guangdong Province - a center for global innovation, production and
transportation - continues to attract international companies, thanks to
the area's supportive policies, advanced supply chains and increased
opening up.
Against this backdrop, Guangdong, at the forefront of
China's reform and opening-up, saw actual foreign investment achieve
positive growth from January to August, reaching 103.29 billion yuan, up
by 0.3 percent year-on-year.
A view of the urban landscape of Shenzhen. Photo: cnsphoto
The rising investments have also
been reflected in government income. From January to August, Guangdong's
fiscal revenue reached 853.98 billion yuan ($126.7 billion), ranking
first in the country.
Guangdong's achievements are based on its advanced supply chain and policy support, experts said.
Some
experts have even predicted that regional economic performance will no
longer just be about GDP, but rather the industrial chain and openness
of the market, giving Guangdong a distinct advantage.
Cao Heping,
professor with the School of Economics of Peking University, told the
Global Times that Guangdong has been doing a solid job of being the
world's production base, where many leading factories are located.
However,
since the majority of the industrial chain involving advanced or new
technologies remains overseas, it prevents China's domestic industrial
chain from being completely closed, added Cao.
Tech drive
In
order to tackle these issues, the Guangdong government has recently
pledged to establish 20 strategic industry clusters from 2021 to 2025,
aiming to advance the stability and competitiveness of industrial and
supply chains and to integrate them into the global industrial and value
chains.
The industry clusters will be focused on the development
of several cutting-edge technologies, including semiconductors and
integrated circuits, intelligent robots and blockchain and other new
cutting-edge materials that are critical to the competitiveness of
Chinese companies in the modern world.
Li Youhuan, a senior
economist at the Guangdong Academy of Social Sciences, told the Global
Times on Tuesday that a completed supply chain will enable companies to
develop products from research and innovation to production and
transportation at a cheaper cost and a faster pace.
"This is not
empty talk but instead based on the fact that one of the world's most
competitive supply chain systems is already in place in the region," Li
said. Guangdong, whose economic aggregate has exceeded 10 trillion yuan,
has become the landing ground of more than 50,000 high-tech
enterprises.
Innovation-driven development has become the main
driving force for high-quality development. China has recently issued a
comprehensive plan on implementing pilot reforms to build Shenzhen into a
demonstration area of socialism with Chinese characteristics in the
next few years. The plan grants Shenzhen more autonomy in the reform of
key areas and links.
"Shenzhen is at the forefront of economic
reform, and its acuity and responsiveness are very fast. The region
fosters many ten-billion dollar cross-border e-commerce businesses,
thanks to the advanced supply chain in place," explained Hong Shibin, a
senior analyst in manufacturing production supply chains.
"Enterprises
need not leave the Pearl River Delta to complete a product portfolio,
because there are a variety of manufacturers for their parts, which
gives Guangdong a unique advantage," said Hong.
With rising
uncertainty in global trade and the ongoing pandemic outbreak, the
region is now speeding up advancements in, among others, the
semiconductor and integrated circuit sectors, which have been at a
disadvantage under recent US crackdowns, Hong said.
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Deeper reform
"President
Xi Jinping's visit to Guangdong at this time is so that he can inspect
the development of the new economic system in the Pearl River Delta
region and the Guangdong-Hong Kong-Macao Greater Bay Area, which will
bring great benefits to the development of Guangdong and beyond," Cao
said.
Cao believes that local governments may also be given more
rights to allocate resources, such as land approvals, in the future to
boost growth.
Shenzhen's comprehensive pilot reform and the "dual
circulation" strategy will bring great benefits to Guangdong, and the
existing industries will usher in great development under the guidance
of the policy, experts said.
In future, Shenzhen's position at
the center of international finance and digital information technology
may well transform it into a leading city in the development of the
Guangdong-Hong Kong-Macao Greater Bay Area, and Hong Kong and Guangzhou
will find their development benefits from healthy competition between
the two, analysts said.
Source: xinhua；http://enapp.globaltimes.cn/#/article/1203355，by Yin Yeping
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